The Global GPS Tracking Device Market size is expected to reach $5.5 billion by 2028, rising at a market growth of 12.3% CAGR during the forecast period.
The use of the Global Positioning System for tracking is referred to as GPS tracking. It involves satellite networks in orbit and equipment on the ground that can pinpoint the location of a person or object on Earth with incomparable accuracy. Navigation, positioning, and timing are the three types of data that GPS tracking monitors. One of the most cutting-edge inventions of the present time is the GPS tracking system.
As it develops, more fleets are utilizing it to track their automobiles and get directions anywhere in the world. In order to monitor its real-time information on people, things, and vehicles, the entire market has increased demands in transportation, IT, and telecommunications. The online GPS tracker helps boost consumer and business security and safety.
Due to rising internet usage on smartphones and other portable devices, digital maps are rapidly expanding. GPS tracking gadgets are in high demand due to the growing use of digital maps. Furthermore, for route planning and navigation, most autonomous vehicles employ digital map systems. The main growth catalysts for the GPS tracking device market include recent developments in digital maps, like 3D maps, and how simple it is to understand and find a position.
The market is expected to grow due to GPS tracking device hardware and software advancements. Software, distance computations, and other techniques can be used to make technological improvements like real-time tracking and associated information retrieval possible. The market is expanding due to greater software updates and enhancements to the devices' usability and effectiveness.
The COVID-19 pandemic breakout presented the industry with never-before-seen difficulties. Governments worldwide imposed lockdown and social isolation regulations to stop the virus's relentless spread. The lockdowns caused sectors, including the automotive industry, to stop production, assembly, and manufacturing across Europe, America, and Asia. The demand for both commercial and passenger cars suffered due to the shutdown. The impact of low demand for the product was also seen in the development of software and hardware for vehicle tracking systems. Therefore, the pandemic had a negative impact on the GPS tracking device market.
GPS monitoring systems can find automobiles that use GPS to pinpoint their exact location. This makes monitoring even more important for safety and effective functioning. As a result, many commercial cars are fitted with GPS devices. Commercial vehicle sales, therefore, rise, supporting the GPS tracking device industry. Furthermore, it is also projected that the e-commerce sector's growing influence will raise demand for tracking systems in light and medium commercial vehicles. Therefore, all these factors will benefit the market's growth throughout the forecast period.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
GPS data is being used more frequently by mariners and oceanographers for buoy placement and underwater surveys. Effectively managing maritime port facilities is being improved by incorporating geographic information software (GIS) and GPS technology. With smart boat technology and a built-in GPS tracking system coupled with international LTE cellular connectivity, many industry participants have introduced next-generation linked boat devices. It is determined that these technological developments will drive the market in the coming years.
Environmental factors such as tall structures, dense vegetation, cloud cover, rain, and dense foliage can weaken the GPS signal. As a result, findings or tracking are occasionally delayed. A clean line of sight (LoS) between the satellite and the receiver is necessary for the GPS tracking unit to function well in many devices or systems; alternatively, the signal may suffer. A poor consumer experience, as well as low quality, are also the results of the low-cost and inferior GPS tracking devices that many providers and manufacturers sell to obtain a competitive advantage. The market for GPS tracking device is constrained by these limitations.
Based on type, the GPS tracking device market is segmented into standalone trackers, OBD devices and advance trackers. The on board diagnostics segment garnered a significant revenue share in the GPS tracking device market in 2021. Many functionalities are available with On-Board Diagnostics (OBD) trackers. It is more suited for monitoring vehicles and is simpler to set up and use. The tracker will continuously monitor the vehicle as soon as it is installed. Internet access allows for sporadic monitoring of the vehicle's actions. The OBD GPS tracker device may store and download the recorded location data to any internet-connected gadget.
On the basis of deployment, the GPS tracking device market is divided into commercial vehicles and cargo & containers. The commercial vehicles segment witnessed the largest revenue share in the GPS tracking device market in 2021. The segment is rising because for businesses that employ automobiles, commercial GPS tracking is quite practical and gaining popularity. Users of GPS devices for commercial vehicles can improve business operations by knowing the exact position of vehicles at all times. Adding a GPS tracker that interacts with mapping software enhances dispatch, routing, and safety, lowers fuel costs, and expands the range of tasks that may be finished.
By industry, the GPS tracking device market is classified into transportation & logistics, construction, government, oil & gas, metals & mining and others. The construction segment procured a remarkable growth rate in the GPS tracking device market in 2021. Construction businesses can manage expensive types of machinery, such as towers, mobile cranes, generators, compressors, service cars, and heavy trucks, with the use of GPS. As a result, it has proven to be a crucial business tool in this sector. Moreover, it is employed for all construction-related assets. As a result, the demand for it is growing in this industry, driving the segment's growth.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 2.5 Billion |
| Market size forecast in 2028 | USD 5.5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 12.3% from 2022 to 2028 |
| Number of Pages | 224 |
| Number of Table | 370 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Industry, Type, Deployment, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the GPS tracking device market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region acquired the highest revenue share in the GPS tracking device market in 2021. The center of the automotive industry as well as related technological advancements, is in Europe. Numerous enterprises manufacture commercial vehicles in the region. The development of telematics technology, with most businesses currently using telematics in fleet management, is the primary reason propelling the regional market.
Free Valuable Insights: Global GPS Tracking Device Market size to reach USD 5.5 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TomTom N.V., Sierra Wireless, Inc. (Semtech Corporation), Sensata Technologies Holdings PLC, CalAmp Corp, Orbcomm, Inc. (GI Partners L.P.), Shenzhen Jimi IoT Co., Ltd., Queclink Wireless Solutions Co., Ltd., Teltonika, ATrack Technology, Inc. and Ruptela.
By Type
By Deployment
By Industry
By Geography
The global GPS Tracking Device Market size is expected to reach $5.5 billion by 2028.
Globally rising demand for commercial automobiles are driving the market in coming years, however, Poor user experience from the usage of nonstandard products and environmental factors restraints the growth of the market.
TomTom N.V., Sierra Wireless, Inc. (Semtech Corporation), Sensata Technologies Holdings PLC, CalAmp Corp, Orbcomm, Inc. (GI Partners L.P.), Shenzhen Jimi IoT Co., Ltd., Queclink Wireless Solutions Co., Ltd., Teltonika, ATrack Technology, Inc. and Ruptela.
The Advance Trackers segment acquired maximum revenue share in the Global GPS Tracking Device Market by Type in 2021 thereby, achieving a market value of $2.4 billion by 2028.
The Transportation & Logistics segment is leading the Global GPS Tracking Device Market by Industry in 2021 thereby, achieving a market value of $2.8 billion by 2028.
The Europe market dominated the Global GPS Tracking Device Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.9 billion by 2028.
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